Despite OPEC's refusal to cut supply and potentially concede market share to competitors, Kleinman believed that the U.S. shale industry was not yet at risk from current price declines, however. Oil prices would need to get closer to $50 to $60 a barrel, he said, to really "do damage and I don't think they [Saudi Arabia] could sustain that for that long."
Read more: Oil nearly fallsbelow $80 on oversupply
"We're at the point now where [the decline in oil prices] is inflicting some pain, you can see it in the equity markets, but it's not enough to derail the U.S. shale story at current price levels, not even really close."
On Thursday, the International Energy Agency's chief analyst Antoine Halff said that OPEC may no longer necessarily play its traditional role of "swing producer" in the oil market – a swing producer is one that can cut or increase supply and thus influence or balance market prices.
Goldman Sachs' global macro research team said in a note on Thursday that "U.S. shale is the marginal swing barrel in the new oil order" and that "Game theory (the study of strategic decision-making) suggests that Saudi Arabia should no longer be the sole first mover swing barrel, as shale is extremely scalable both to the up and downside."
Read more: How the US shale boom will be felt around the world
Goldman's note also suggested that the oil price decline was "too much too soon" mostly driven "by positioning based upon expected fundamental shifts as opposed to currently observable shifts… This leaves us near-term constructive despite being bearish as we look further out." It added that the "supply glut" was not yet manifest.
"Should the glut [in supply] materialize to the extreme expected, we believe the shale barrel will need to balance the market, which would suggest WTI prices sub-$80/bbl for a period of time to create an adjustment in supply," Goldman noted.
Read more: Oil demand to 'rise tentatively' in 2015: IEA
"While looking into 2015 we have sympathy for these medium- to longer-term bearish views that have driven prices lower, we believe it is too much too early. Prices have also likely overshot to the downside," the note added. Citi's Kleinman agreed that prices would recover. "Oil has had a big selloff, it's continuing to look over-supplied but it's come off a long way. Everyone's short but I think if we don't have a macro meltdown here then I think oil is actually going to be ok at these levels."